UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 11-K

 

 

FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR

PLANS PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

(Mark One)

x	ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2009

OR

 

¨	TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission file number 0-1402

 

 

 

A.	Full title of the plan and the address of the plan, if different from that of the issuer named below:

The Lincoln Electric Company

Employee Savings Plan

 

B.	Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

Lincoln Electric Holdings, Inc.

22801 St. Clair Avenue

Cleveland, Ohio 44117

 

 

 

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FINANCIAL STATEMENTS AND SCHEDULE

The Lincoln Electric Company Employee Savings Plan

December 31, 2009 and 2008

Plan Sponsor and Administrator

The Lincoln Electric Company

Cleveland, Ohio 44117

(216) 481-8100

Employer Identification Number: 34-0359955

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Report of Independent Registered Public Accounting Firm

Plan Administrator

The Lincoln Electric Company

  Employee Savings Plan

We have audited the accompanying statements of net assets available for benefits of The Lincoln Electric Company Employee Savings Plan as of December 31, 2009 and 2008, and the related statement of changes in net assets available for benefits for the year ended December 31, 2009. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Plan’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2009 and 2008, and the changes in its net assets available for benefits for the year ended December 31, 2009, in conformity with U.S. generally accepted accounting principles.

Our audits were performed for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2009, is presented for the purpose of additional analysis and is not a required part of the financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in our audits of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.

/s/ Ernst & Young LLP

Cleveland, Ohio

June 25, 2010

 

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The Lincoln Electric Company

Employee Savings Plan

Statements of Net Assets Available for Benefits

 

		December 31,
		2009			2008
Assets
Investments, at fair value		$	228,276,287		$	199,430,678
Receivables:
Participant contributions receivable			186,879			257,682
Employer contributions receivable			315,089			408,070
Investment income receivable			321,717			330,181
Receivable for securities sold			398,943			—
Total receivables			1,222,628			995,933
Total assets			229,498,915			200,426,611
Liabilities
Benefit claims payable			334,986			513,358
Corrective distributions payable			394,382			118,445
Total liabilities			729,368			631,803
Net assets available for benefits, at fair value			228,769,547			199,794,808
Adjustment from fair value to contract value for fully benefit responsive investment contract			483,982			1,457,144
Net assets available for benefits		$	229,253,529		$	201,251,952

See notes to these financial statements.

 

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The Lincoln Electric Company

Employee Savings Plan

Statement of Changes in Net Assets Available for Benefits

Year ended December 31, 2009

 

Additions
Interest and dividends		$	4,470,170
Contributions:
Participants			8,177,131
Employer			3,960,565
Net appreciation in fair value of investments			31,157,168
Total additions			47,765,034
Deductions
Participant withdrawals			19,369,075
Corrective distributions			394,382
Total deductions			19,763,457
Net increase			28,001,577
Net assets available for benefits at beginning of year			201,251,952
Net assets available for benefits at end of year		$	229,253,529

See notes to these financial statements.

 

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The Lincoln Electric Company Employee Savings Plan

Notes to Financial Statements

December 31, 2009

1. Description of Plan

The following description of The Lincoln Electric Company Employee Savings Plan (as amended, the Plan) provides only general information. Participants should refer to the Summary Plan Description for a more complete description of the Plan’s provisions.

General

The Plan is a defined contribution plan covering certain employees of The Lincoln Electric Company and certain related entities (the Company), as defined by the Plan. The Plan provides that employees will be eligible for participation in the Plan following six months of full time employment or 1,000 hours in any year of service with the Company. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).

Contributions and Vesting

Participant Contributions

Each year, participants may make pre-tax contributions to the Plan of 1% or more (in whole percentages) of their regular and/or bonus pay up to the maximum amount as set by the Internal Revenue Service ($16,500 for 2009 and $15,500 for 2008). Participants are immediately vested in their contributions plus actual earnings thereon. Participants have the right to direct Fidelity Management Trust Company (the Trustee) to invest contributions in any one fund or in a combination of funds in 1% increments.

The plan is subject to certain non-discrimination standards under Section 401(k) of the Internal Revenue Code. In order to comply with these standards, tests are performed to provide a limit on the amount of benefits provided to highly compensated employees. As a result, certain participants who are highly compensated employees may have a portion of their contributions refunded to them after the end of the Plan year.

Company Match

The Company contributes 35% of the first 6% of compensation contributed by certain participants to the Plan. Matching contributions are 100% vested after an employee has attained three years of service. The Company match is discretionary and can be suspended or terminated at any time. Company match contributions are invested in the same manner as participant contributions.

 

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The Lincoln Electric Company Employee Savings Plan

Notes to Financial Statements (continued)

 

On December 15, 2008, the Plan sponsor notified plan participants of the suspension of the matching employer contribution for all employees effective January 1, 2009. The Plan sponsor reinstated the matching employer contribution for all employees effective January 1, 2010.

FSP Program

The Plan provides a Financial Security Program (FSP) feature to certain eligible participants who made an irrevocable election to participate in the program and to all eligible participants who were hired on or after November 1, 1997. Participants in the FSP program receive a Company contribution to the Plan of 2% of their base pay, in which they become 100% vested after attaining three years of service. In July 2006, the Company amended the Plan to offer employees enhanced FSP benefits (FSP Plus). Eligible employees hired on or after January 1, 2006 will receive FSP Plus benefits under the Plan, but will not be eligible to participate in the Company’s defined benefit plan. Those eligible employees hired prior to January 1, 2006 either remained under the Company’s existing retirement programs, which includes both benefits under the Plan and the Company’s defined benefit plan, or made an irrevocable election to switch to the new program that provides the FSP Plus feature while earning a reduced benefit from the Company’s defined benefit plan. The Company began making contributions to the FSP Plus program to eligible employees on July 16, 2006 as follows:

 

Years of Service		FSP Plus Company Contribution (% of base pay)
1		4	%
5		5	%
10		6	%
15		7	%
20		8	%
25		10	%

The amount of FSP and FSP Plus contributions were $3,960,565 in 2009. FSP and FSP Plus contributions are invested in the same manner as participant contributions.

Participant Accounts

Each participant’s account is credited with the participant’s contributions and allocations of (a) the Company’s contributions and (b) Plan earnings. Allocations are based on participant earnings or account balances, as defined. Forfeited balances of terminated participants’ nonvested accounts are used to reduce future Company contributions to the Plan. Forfeited amounts were $95,920 in 2009. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s account.

 

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The Lincoln Electric Company Employee Savings Plan

Notes to Financial Statements (continued)

 

Participant Loans

Active participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance, excluding FSP and FSP Plus contributions. Loan terms range from one to five years, or up to 15 years for the purchase of a primary residence. The loans are secured by the balance in the participant’s account and bear interest at a rate computed as the prime rate in effect at the loan origination date plus 1%, as determined by the Company. Principal and interest are paid ratably through payroll deductions.

Payment of Benefits

Participants may receive the value of their account in a single lump sum payment or in ten or fewer annual installment payments following separation from the Company, whether by retirement, disability or otherwise, except that if the full value of a participant’s account is $1,000 or less or if the participant dies and his/her account is payable to his/her beneficiary, such account balance will be paid in a single lump sum payment. Participants who leave the Company may withdraw their money at any time. Withdrawals must begin no later than April 1 of the calendar year following the calendar year in which age 70-1/2 is attained or the calendar year in which the participant is terminated. Participants or beneficiaries may elect to receive the portion of their distributions which are attributable to their interests in the Lincoln Electric Stock Fund in the form of whole shares with any fractional shares paid in cash or all in cash.

Plan Termination

The Company has the right to amend, modify, suspend or terminate the Plan subject to the provisions of ERISA at any time. Upon termination of the Plan, the rights to benefits accrued by participants or their beneficiaries, to the extent that such benefits are funded or credited to participants’ accounts, shall be nonforfeitable. No amendment, modification, suspension or termination of the Plan shall have the effect of providing that any amounts then held under the Plan may be used or diverted to any purpose other than for the exclusive benefit of the participants or their beneficiaries.

2. Summary of Significant Accounting Policies

Basis of Accounting

The financial statements of the Plan are prepared under the accrual method of accounting in accordance with U.S. generally accepted accounting principles (GAAP).

 

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The Lincoln Electric Company Employee Savings Plan

Notes to Financial Statements (continued)

 

Investment Valuation and Income Recognition

The Plan’s investments are stated at fair value which equals the quoted market price on the last business day of the plan year. The units of registered investment companies are valued at quoted market prices which represent the net asset values of units held by the Plan at year-end. The Common Shares of the Company held in the Lincoln Electric Stock Fund are valued at the last reported sales price on the last business day of the plan year. The common collective trust invests in fully benefit-responsive investment contracts. This fund is recorded at fair value; however, since these contracts are fully benefit-responsive, an adjustment is reflected in the statement of net assets available for benefits to present these investments at contract value. Contract value is the relevant measurement attribute to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the plan. The contract value represents contributions plus earnings, less participant withdrawals and administrative expenses.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates that affect amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Administrative Expenses

All costs and expenses incurred in connection with the administration of the Plan and trust were paid by the Company in 2009.

3. New Accounting Pronouncements

In September 2009, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2009-12 to amend Accounting Standards Codification (ASC) 820, “Fair Value Measurements & Disclosures (Topic 820): Investments in Certain Entities that Calculate Net Asset Value per Share (or its equivalent).” ASU 2009-12 permits, as a practical expedient, a plan to measure the fair value of an investment that is within the scope of ASU 2009-12 using the net asset value per share (or its equivalent) of the investment. Also, ASU 2009-12 requires additional fair value disclosures related to these investments. The Plan adopted the provisions of ASU 2009-12 on January 1, 2009 (see Note 10).

In January 2010, the FASB issued ASU 2010-06, “Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements.” ASU 2010-06 amends ASC

 

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The Lincoln Electric Company Employee Savings Plan

Notes to Financial Statements (continued)

 

820-10-50 to require additional information to be disclosed principally with respect to Level 3 fair value measurements and transfers to and from Level 1 and Level 2 measurements. In addition, enhanced disclosure is required concerning inputs and valuation techniques used to determine Level 2 and Level 3 fair value measurements. The new disclosures and clarifications of existing disclosures, as required by ASU 2010-06, are effective for interim and annual reporting periods beginning after December 15, 2009, except for the disclosures about purchases, sales, issuances and settlements in the roll forward of activity in Level 3 fair value instruments. Those disclosures are effective for fiscal years beginning after December 15, 2010, and for the interim periods within those fiscal years. Earlier application is permitted. The adoption of ASU 2010-06 is not expected to have a significant impact on the Plan’s financial statements.

4. Investments

During 2009, the Plan’s investments (including investments purchased, sold, as well as held during the year) appreciated in fair value as follows:

 

		Net Realized and Unrealized Appreciation in Fair Value of  Investments
Units of registered investment companies		$	27,776,347
Lincoln Electric Stock Fund			3,380,821
		$	31,157,168

Investments that represent 5% or more of the Plan’s net assets available for benefits at December 31, 2009 and 2008 are as follows:

 

		2009			2008
Lincoln Electric Stock Fund		$	60,884,846		$	61,507,193
Fidelity Managed Income Portfolio			26,511,272			28,470,311
T. Rowe Price Blue Chip Growth SHS			17,269,847			12,306,217
Dodge & Cox Balanced Fund			16,473,110			14,286,944
Fidelity Diversified International Fund			16,401,793			12,900,604
PIMCO Total Return Fund Institutional Class			15,239,373			11,953,070
Spartan U.S. Equity Index Fund			12,159,909			10,160,605
Artisan Mid Cap Fund			11,478,177			7,149,798	*

 

*	Below 5% threshold

 

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The Lincoln Electric Company Employee Savings Plan

Notes to Financial Statements (continued)

 

5. Income Tax Status

The Plan received a determination letter from the Internal Revenue Service dated October 1, 2003, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (IRC), and, therefore, the related trust is exempt from taxation. Subsequent to this determination by the Internal Revenue Service, the Plan was amended. Once qualified, the Plan is required to operate in conformity with the IRC to maintain its qualification. The Plan Administrator believes the Plan is being operated in compliance with the applicable requirements of the IRC and, therefore, believes that the Plan, as amended, is qualified and the related trust is tax exempt.

6. Transactions with Parties-in-Interest

At December 31, 2009, the Plan held 1,138,886 Common Shares of Lincoln Electric Holdings, Inc., the Plan Sponsor, with a market value of $60,884,846. For the year ended December 31, 2009, the Plan received dividends on Lincoln Electric Holdings, Inc. Common Shares of $1,236,365. At December 31, 2008, the Plan held 1,207,681 Common Shares of Lincoln Electric Holdings, Inc., the Plan Sponsor, with a market value of $61,507,193. The Plan’s shares of Lincoln Electric Holdings, Inc. are held in the Lincoln Electric Stock Fund.

Party-in-interest transactions also include the investment in the proprietary funds of the Trustee and the payment of administrative expenses by the Company. Such transactions are exempt from being prohibited transactions.

7. Difference between Financial Statements and Form 5500

The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500:

 

		December 31, 2009
Net assets available for benefits per financial statements		$	229,253,529
Less: Deemed distribution of loans with no post-default payments			(119,130	)
Less: Adjustment from contract value to fair value for fully benefit responsive investment contract			(483,982	)
Net assets available for benefits per Form 5500		$	228,650,417

The deemed distributions of participant loans with no post-default payments are loans that are in default by participants of the Plan. While the U.S. Department of Labor does not recognize these loans as assets for regulatory reporting, they are included as assets (i.e., loans) in the financial statements of the Plan as these loans are collateralized by participant funds.

 

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The Lincoln Electric Company Employee Savings Plan

Notes to Financial Statements (continued)

 

The fully benefit-responsive contract was adjusted from fair value to contract value for purposes of the financial statements. For purposes of the Form 5500, the investment contract will be stated at fair value.

8. Risks and Uncertainties

The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits.

The Plan’s investments in the Company’s stock are exposed to market risk in the event of a significant decline in the value of Lincoln Electric Holdings, Inc. Common Shares. Participants assume all risk in connection with any decrease in the market price of any investment.

9. Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). GAAP establishes a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:

 

Level 1		Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets.
Level 2		Inputs to the valuation methodology include:

 

•

Quoted prices for similar assets or liabilities in active markets;

 

•

Quoted prices for identical or similar assets or liabilities in inactive markets;

 

•

Inputs other than quoted prices that are observable for the asset or liability;

 

•

Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

If the asset or liability has a specific (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.

 

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The Lincoln Electric Company Employee Savings Plan

Notes to Financial Statements (continued)

 

Level 3		Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used maximize the use of observable inputs and minimize the use of unobservable inputs.

The valuation methods used may produce a fair value that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The following tables set forth by level within the fair value hierarchy the Plan’s investments at fair value as of December 31, 2009 and 2008:

 

		Assets at Fair Value as of December 31, 2009
		Level 1			Level 2			Level 3			Total
Cash		$	2,218,432		$	—		$	—		$	2,218,432
Mutual funds			131,074,268			—			—			131,074,268
Lincoln Electric Stock Fund			—			60,884,846			—			60,884,846
Common collective trust			—			26,027,290			—			26,027,290
Participant loans			—			—			8,071,451			8,071,451
Total investments at fair value		$	133,292,700		$	86,912,136		$	8,071,451		$	228,276,287
		Assets at Fair Value as of December 31, 2008
		Level 1			Level 2			Level 3			Total
Cash		$	2,165,645		$	—		$	—		$	2,165,645
Mutual funds			100,863,942			—			—			100,863,942
Lincoln Electric Stock Fund			—			61,507,193			—			61,507,193
Common collective trust			—			27,013,167			—			27,013,167
Participant loans			—			—			7,880,731			7,880,731
Total investments at fair value		$	103,029,587		$	88,520,360		$	7,880,731		$	199,430,678

 

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The Lincoln Electric Company Employee Savings Plan

Notes to Financial Statements (continued)

 

The table below sets forth a summary of changes in the fair value of the Plan’s Level 3 assets for the year ended December 31, 2009:

 

		Participant Loans
Balance, beginning of year		$	7,880,731
Loans issued and payments, net			190,720
Balance, end of year		$	8,071,451

10. Investment in Common Collective Trust Fund

The Plan invests in the Fidelity Managed Income Portfolio (the Portfolio), a benefit-responsive common collective trust fund. The Portfolio’s objective is to seek the preservation of capital and to provide a competitive level of income over time that is consistent with the preservation of capital. The Portfolio may invest in fixed-income securities, money market funds and derivative instruments (such as swap agreements), and also enters into wrapper contracts, which are issued by third-parties and are designed to allow the Portfolio to meet its objective of capital preservation. The Portfolio is credited with earnings on the underlying investments and charged for participant withdrawals and administrative expenses.

The common collective trust is a fully benefit-responsive investment for which contract value is the relevant measurement attribute. Contract value, as reported to the Plan, represents contributions made under the contract, plus earnings, less participant withdrawals and administrative expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investments at contract value.

There are no reserves against the contract value for credit risk of the contract issuer or otherwise. The crediting interest rate is based upon a formula agreed upon with the issuer but will not be less than zero percent. Effective August 2009, crediting rates are reset monthly. Prior to August 2009, crediting rates were reset on a quarterly basis.

Certain events limit the ability of the Plan to transact at contract value with the issuer. Such events include the following: (1) the Plan’s failure to qualify under Section 401(a) or Section 401(k) of the IRC, (2) the establishment of a defined contribution plan that competes with the Plan for employee contributions, (3) any substantive modification of the Portfolio or the administration of the Portfolio that is not consented to by the issuer, (4) any change in law, regulation or administrative ruling applicable to the Plan that could have a material adverse effect on the Portfolio’s cash flow, (5) any communication given to participants by the Plan’s sponsor or fiduciary or Fidelity Management Trust Company that is designed to induce or influence participants to avoid investing in the Portfolio or to transfer assets out of the Portfolio, and (6) any transfer of assets from the Portfolio directly to a competing investment option. The Plan Administrator does not believe that the

 

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The Lincoln Electric Company Employee Savings Plan

Notes to Financial Statements (continued)

 

occurrence of any of these events which would limit the Plan’s ability to transact at contract value with participants is probable of occurring.

 

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The Lincoln Electric Company

Employee Savings Plan

EIN: 34-0359955            Plan Number: 005

Form 5500, Schedule H, Line 4i—Schedule of Assets

(Held at End of Year)

December 31, 2009

 

Identity of Issue, Borrower, Lessor, or Similar Party		Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value		Current Value
Cash, interest bearing				$	2,218,432
Common/Collective Trust:
Fidelity Managed Income Portfolio*		26,511,272 units			26,027,290
Units of registered investment companies:
Dodge & Cox Balanced Fund		257,272 units			16,473,110
Fidelity Diversified International Fund*		585,778 units			16,401,793
T. Rowe Price Blue Chip Growth SHS		527,002 units			17,269,847
PIMCO Total Return Fund Institutional Class		1,411,053 units			15,239,373
Spartan US Equity Index Fund		308,392 units			12,159,909
Neuberger Berman Genesis Trust Fund		271,621 units			10,661,136
Artisan Mid Cap Fund		449,068 units			11,478,177
American EuroPacific Growth Fund		276,715 units			10,609,238
Perkins Mid Cap Value Fund		407,211 units			8,062,779
American Washington Mutual Fund		213,299 units			5,255,692
Vanguard Target Retirement 2030 Fund		49,329 units			952,550
Vanguard Target Retirement 2010 Fund		23,603 units			484,333
Vanguard Target Retirement 2015 Fund		113,244 units			1,280,792
Vanguard Target Retirement 2020 Fund		55,983 units			1,117,430
Vanguard Target Retirement 2025 Fund		84,965 units			961,810
Vanguard Target Retirement 2045 Fund		64,979 units			781,048
Vanguard Target Retirement 2040 Fund		31,142 units			593,256
Vanguard Target Retirement 2035 Fund		41,095 units			477,530
Vanguard Target Retirement 2050 Fund		23,470 units			448,514
Vanguard Target Retirement Income Fund		34,556 units			365,951
					131,074,268
Common stock held by the Lincoln Electric Stock Fund
Lincoln Electric Holdings, Inc.*		1,138,886 Common Shares			60,884,846
Participant loans*		Loans maturing at various dates through December 15, 2024, and bearing interest at rates ranging from 4.25% to 10.5%			7,952,321
Total assets				$	228,157,157

 

*	Indicates party-in-interest to the Plan.

 

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Exhibits

 

Exhibit No.		Description
23		Consent of Independent Registered Public Accounting Firm

 

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

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